Impact of Customer Relationship Management on Customers

loyalty .

1. 1. CHAPTER ONE INTRODUCTION 1.1 OVERVIEW OF THE STUDY

Understanding how to effectively manage customer relationships has
become a very important topic to both academicians and practitioners in
recent years. Also, organizations are realizing that customers have
different economic value to the company and are subsequently adapting
their customer offerings and strategies accordingly. (Roya and Salmiah,
2010). We need to learn more about the leading indicator of customer
value tomorrow (measurable today) and to understand better the strong
tie between customer equity and we must learn about how companies
successfully change their strategies to increase customer loyalty or
decrease customer turnover (Roger, 2005). It is apparent that managing
customer relationships, coupled with building the value of the customer
base, is no longer a 1
2. 2. business management term based on the latest consultant speak but
rather a fruitful avenue of business composition that has been rendered
necessary by permanent innovations in the technological landscape.
(Roya and Salmiah, 2010). Customer relationship management is the
establishment, development, maintenance and optimization of long term
mutually valuable relationship between consumers and the organization
(Berry,1983). successful customer relationship management focuses on
understanding the needs and desires of the customers and is achieved by
placing these needs at the heart of the business by integrating them with
the organizations strategy, people, technology and business processes
(Fox, Stead, 2001). The concept of relationship interface is centered on
where and how individuals and organizations exchange information
whether informally as well as externally (Berry, 1983). It empirically
means an organizations ability of getting in touch with 2
3. 3. both the internal and external customers in responsive and flexible
manner (Abdullateef et al. 2010). The current global competitions
threatened by the financial arises has continued the need for both
manufacturers and services marketers to monitor how their customer feel
about their goods and services, and particularly when there is enormous
evidence in support of relationship managements as the alternative
means of soling the global market fluctuation (Aihie 2007,) Many
businesses such as banks, insurance and other service providers realize
the importance of customer relationship management and its potential to
help them acquire new customer retain existing ones and maximize their
life time value (Opara et al 2010). The functional activities of Nigeria
banks like those of other countries is premised on the acceptance of
deposits, lending, affect domestic and foreign payment and provide
property management and trustee services among other wide range of 3
4. 4. financial services (Firpo, 2006). while, these services are rendered
efficiently and with utmost trusts and commitment in developed nations
due to the relational and interactive approach adopted, same cannot be
said of most banks in Nigeria before year 2000 (Opara et al 2010). The
financial service industry in Nigeria has undergone major transformations
in recent times, most especially with the introduction of reformation
programs from 1999 to 2007. In this past manager consolidation era,
banks are introducing new products, such as ATM, telephone banking,
investment banking and actively participating in social responsibilities. All
 these were meant to influence relationship and thereby retain their
customers at a profit and this can best be done through CRM as
prevalent in todays global business environment. 4
5. 5. 1.2 STATEMENT OF PROBLEM Within the rapid expanding literature
of relationship marketing, businesstobusiness marketing and customer
relationship management, there is relatively little attention paid to the
value of the organization can get from such business strategies. Neglect
in customer relationships has lead to a lot of organization having a
reducing figure in the count of customers in their customer data base.
This study will look at impact of customer relationship management on
customers loyalty. 1.3 OBJECTIVES OF STUDY Among the vast studies
that has been done in the field of customer relationship management.
Although they have focused on different aspect of the customer
relationship management. Less research is found in this area. 5
6. 6. The main objective of this study is on the impact of customer
relationship management and its relational variables on customers
loyalty. a. To ascertain the impact of customer attraction progammes on
customers loyalty. b. To determine the impact of relationship
management on customers loyalty. c. To find out the effect of customer
retention programs on customers loyalty. d. To determine the impact of
customers satisfaction on customers loyalty. 1.4 RELEVANT
RESEARCH QUESTIONS The following research question will be
answered is this study. The questions include the following. i. Is there a
significant impact of customer attraction programs on customers loyalty?
ii. To what extent does customer retention programs affect customers
loyalty? 6
7. 7. iii. Does customers satisfaction programs leads to customers loyalty?
iv. To what extent does relationship management programs leads
customers loyalty 1.5 STATEMENT OF HYPOTHESIS In the view of the
impact of customer relationship management on customers loyalty the
hypothesis will be as follows. (1) Ho : Good customer attraction programs
do not lead to customers loyalty. .H1: Good customer attraction
programs leads to customers loyalty (2) Ho : Good relationship
management does not lead to customers loyalty. H1: Good relationship
management leads to customers loyalty. 7
8. 8. (3) Ho: A good customer retention program does not necessarily leads
to customers loyalty. H1: Good customer retention program leads to
customer loyalty (4) HO: Good customers satisfaction will not always
lead to customers loyalty. H1: Good customers satisfaction will lead to
customers satisfaction 1.6 SIGNIFICANCE OF STUDY This studys
academic contribution hinges on the fact that it offers a significant
advancement to the body of the current literature of customer relationship
management, most especially in the Nigerian banking industry, as it
reveals customer attraction programs, customer retention programs,
relationship management and customers satisfaction as influencing
factors for customers loyalty. 8
9. 9. 1.7 SCOPE OF STUDY This study is focused on the impact of
customer relationship management on customers loyalty in financial
services providing organizations. It is desirable to extend as possible, but
this is not possible because of time constrains. This study does not cover
the whole financial service providing organization in Nigeria, but it only
covers one selected organization in Asaba, Delta state, Nigeria. The
population size will be the Asaba populace in this selected organization.
1.8 LIMITATIONS OF STUDY The concept of customer relationship
 management amongst Nigerian firm is yet to gain full implementation. It
should be noted that the use of commercial banking industry as the
sample could lead to a potential industry specificity of the result. 9
10. 10. The radials being of measured as well are just some selected
variables of customer relationship management which pose a restriction
on some other testable ones. The analysis of data will be done with the
multiple regression analysis which also poses a limitation on any other
analysis that can be used as well. Other limitations to this study are non-
response from respondents and as well inadequate resources. 1.9
DEFINITION OF TERMS Customers Loyalty: Costumers loyalty is the
totality of feelings or attitudes that would incline a customer to consider
the re-purchases of a particular product, service or bond or revisit a
particular company (Kottler and Keller 2006) Customers: A customer
can be define as one that purchases a commodity or service (Kottler .P.
and Keller .K. (2006). 10
11. 11. Customer Relationship relationship management Management is
attracting (CRM): Customer maintaining and enhancing customer
relationship in multi-service organizations (Berry 1983). 11
12. 12. REFERENCES Abdullateef, A .O, Morhtar, S.S. and Yuseff, R.Z.
(2010): Driver of efficient service Delivery and caller satisfaction: A Model
of CRM Customer contact Cantors in Malaysia: International of
Management Studies. Aihie .O. and Bennani, A.E (2007). An Exploratory
Study of Implementation of Customer Relationship Management of
Strategy Business Process Management. Journal 13 (1) 2007 pp 139-
164. Berry, L.L. (1988) Relationship marketing in Shostack, G.L et al
(Eds), Emerging perspectives, Journal of Marketing Science Vol. 23(A),
pp, 236-45. Berry, L.L. (1995) Relationship Marketing of Service. Growing
Interest, Emerging Perspectives. Journal of the Academy of Marketing
Science 23(4), 236 - 45. Firpo, Y. (2006), Bonking the Embarked
Technologys Royal in Delivering Accessible Financial services to the
poor, Samba Consulting 5. Fox, T. and Stead .S. (2001) customer
relationship management delivering the bone fits, white paper, CRM (UK)
and SECOR consulting, new Malden Gummesson E. (2004) Return on
Relationships (RoR), the Value of Relationship marketing and CRM in
Business to-Business context. Journal of Business and Industrial
Marketing Vol 19 (2), PP, 136-148. Levitt (1983), After Sales is over...
Harvard Business Review, 101- 61, No. 2, pp-81-93. Opara, B.C.
Ayopo.O.O, Darogo. W. M. (2010), Analysis of Impact of Technology on
Relationship marketing orientation and 12
13. 13. Bank performance. European Journal of Scientific Research ISSN
1450-216x 101.45 no 2 (2010), Pp, 291-300. Rogers, M. (2005),
Customer strategy observation from the ranched journal of marketing
69,262-263. Roya .A. and Salmiah M. (2010), The Customer Relationship
Management Strategies: Personal needs assessment of Training and
Customer turnover 14, Number 1 (2010). 13
14. 14. CHAPTER TWO REVIEW OF RELATED LITERATURE 2.1
INTRODUCTION This chapter is concerned with the review of literature. It
is a systematic analysis and appraisal or evaluation of studies, works and
documents containing information about the problem under study. This
chapter provides the background and the problem discussion of the area
of this study, leading down to the specific research questions. This
chapter is also aimed at giving authenticity and credibility to the research
study through the citing of works of different institutions, scholars and
 experts whose works and findings are as well as a contribution to the
major relational variables of this study under consideration. 14
15. 15. 2.2 HISTORICAL BACKGROUND As observed by Sheth and
Parvatiyar (1998) developing customer relationships has historical
antecedents going back into the pre-industrial era. Much of it was due to
direct interaction between producers of agricultural products and their
customers. Similarly, artisans often developed customized products for
each customer. Such direct interaction led to relational banding between
the producer and the customer. In recent years however, several factors
have contributed to the rapid development and evolution of CRM. These
include the growing -intermediation process in many industries due to the
advent of sophisticated computer and telecommunication technologies
that allow producers to directly interact with endcustomers. For example,
in many industries such as the airline, banking, insurance, computer
software or household appliances industries and even consumables the
de-intermediation process is fast changing the nature of marketing and
consequently making relationship marketing more popular. 15
16. 16. These measures created intimacy and cooperation in the buyer-seller
relationship. Instead of purchasing a product a product or services,
customers were more interested in buying a relationship with a vendor.
The key (or national)account management program designates account
mangers ad account teams that assess the customers need and then
husband the selling companys resources for the customer benefit such
program have led to the establishment of strategic partnering within the
overall domain of customer relationship management (Anderson and
Narus, 1991; Shapiro 1988). Similarly, in the current era of hyper-
competition, markets are found to be more concerned with customers
retention and loyalty (Dick and Basu, 1994; Reichheld, 1996). As several
studies have indicated, retaining customers perhaps offers a more
sustainable competitive advantage than acquiring new ones. What
marketers are realizing is that it costs less to retain customers than to
compete for new ones (Rosenberg and Czepiel, 1984). On the supply
side it pays more to develop closer relationship with a 16
17. 17. few suppliers than to work with more vendors, (Hayer, Wheelwright
and Clarke, 1988; Spekman, 1988). In addition, several marketers are
concerned with keeping customers for life rather than with only making a
one-time sale (Cannie and Caphin, 1991). There is greater opportunity for
Goss-selling and up-selling to a customer who is loyal and committed to
the firm and its offerings. In a recent study, Naidu, Parvatiya, Sheth and
Westgate (1999) found that relational intensify increased in hospitals
facing a higher degree of competitive intensity. Also, customer
expectations have been a changing rapidly over last the last two decades.
Fueled by new technology and the graving availability of advanced
product features and services, customer expectations are changing
almost on a daily basis. Consumers are less willing to make compromises
or trade-offs in product and services quality. In a world of ever changing
customer expectations, building cooperative and collaborative
relationships with customers seems to be the most prevalent way to keep
tack 17
18. 18. of their changing expectations and appropriately influencing them
(Sheth and Sisodia; 1995). Finally, many large internationally oriented
companies are today trying to become global by integrating their
worldwide operations. To achieve this they are seeking cooperative and
collaborative solutions for global operations from their vendors instead of
 merely engaging in transactional activities with them. Such customers
needs make it imperative for marketers interested in the business of
companies that are global to adopt CRM programs, particularly, global
account management programs (Yip and Madsen 1996). Global Account
Management (GAM) is conceptually similar to national account
management programs except that they have to be global in scope and
thus more complex managing customer relationship around the world
calls for external and internal partnering activities, partnering across a
firms worldwide organization. 18 including
19. 19. 2.3 CUSTOMER RELATIONSHIP MANAGEMENT To survive in the
global market focusing on the customer is becoming a key factor for
companies big and small. It is known that it takes up to five times more
money to acquire a new customer then to get an existing customer to
make a new purchase. A second aspect of CRM is that knowing the
customer and his/her problem allows acquiring new customer more easily
and facilitating targeted cross-selling (Taria, 2005). CRM is based on the
basic marketing belief that an organization that knows its customer like
individuals. Its components may include data warehouse that store all a
companys information, customer services system, call centre,
ecommerce, web marketing, operations system (that handle order entry,
invoicing, payments, point of sale, inventory system, etc) and sales
system (mobile sales communication appointment making routine etc). In
practices, CRM system range from automated customer-contact system
to the company wide pooling of customers information (Kottler pp. 409
410). 19
20. 20. The implementation of CRM needs the close cooperation between
suppliers of one of the many CRM system on offer, such as avenue and
relationship organizer and the user (Kottler pp. 409 410). CRM is one
of the key processes in any firm. Although CRM is a relatively new
business term and therefore, the definition can vary depending on the
background of the individual writing it. The F. Dwyer and Tanner believe
tat CRM as those process that address all aspect of identifying
customers, creating customer knowledge, building customer relationship
and shaping their perception of the organization and its product. (Kottler
pp. 304 305). CRM is a highly fragmented environment and has come
to mean different things to different people. As the thought and approach
to CRM is in the initial stages and not fully matured, one can find different
perspectives and definitions of CRM. According to Gummesson (1983)
CRM Is the valves and strategies of relationship marketing with particular
emphasis on customer 20
21. 21. relationship turned into practical application.CRM is an enterprises
approach to understanding and influencing customer behavior through
meaningful communications in order to improve customer acquisition,
customer retention, customer loyalty and customer profitability (Kottler
pp. 304 305). In order to have more efficiently managed customer
relationship CRM focuses on effectively turning information into intelligent
business knowledge. This information can come from anywhere inside or
outside the firm and this requires successful integration of multiple
database and technologies such as the internet, call centre, sales force
automation and data warehouse. (John and Fredrick, 2002) There is no
universal explanation of what CRM is, since the area is fairly new and still
is developing. It is therefore important to remember that several attempts
of defining CRM exist and that many companies adapt the definition to
 their own business and their unique needs. . (John and Fredrick, 2002).
21
22. 22. The activities a business performs to identify quality, acquire,
develop and retain increasingly loyal and profitable customers by
delivering the right product or services to the right customer, through the
right channel at the right time and the right cost. CRM integrate sales,
marketing services enterprise resources planning and supplying chain
management function through business process automation technology
solution and information resources to maximize each customer contact.
CRM facilities relationship among enterprises, their customers, business
partner, suppliers and employees. (John and fredrick,2002). However,
for CRM to be successful all activities in a company need to manage in
combination to reach success. Stone Wood and Wilson (1996) note that
in some companies there is the belief that good market planning is equal
to good CRM. It must be clear that CRM is not equal to market planning.
Since they are founded on two different marketing approaches. However,
the authors add that although the information in market research is 22
23. 23. CRM, it is only a small part of the CRM that is needed in order to
create profitable customer relationship (John and Fredrick,2002). 2.3.1
GOALS OF CRM Companies can gain many goals from CRM (Arezu and
Alieza, 2006). 1. Lower cost of recruiting customers: the cost for recruiting
customers will decrease since there are savings to be made on
marketing, mailing, contact follow-up, fulfillment, services and so on; 2.
No need to recruit too customers to preserve a steady volume of
business: the number of long term customers will increase and
consequently the need for recruiting many new customers decreases; 3.
Reduced cost of sales: the costs regarding selling are reduced owing to
that existing customers are usually more responsive. In addition, with
better knowledge of channel and distributors 23
24. 24. the relationships become more effective as well as that a cost for
marketing campaigns is reduced. 4. Higher customer profitability: the
customer profitability will get higher since the customer wallet share
increases, there are increase in up-selling, cross-selling and follow-up
sales and more referrals comes with higher customer satisfaction among
existing customers. 5. Increased customer retention and loyalty: the
customer retention increases since customer stay longer buy more and
buy more frequently. The customer does also more often take initiatives,
which increase the bounding relationship, and as a result the customer
loyalty increases as well; 6. Evaluation of customer profitability: the
company will get to know which customer are profitable, the ones who
never might become profitable and which ones that might be profitable in
the future. This is very important since the key to success in any business
is to focus on acquiring customers 24
25. 25. who generate profit and once you have found them never let them go
(person p.11). 2.3.2 CRM PROCESS The CRM process involved four
steps. These steps are to segments and profile the market, design
communication strategy, impenetrate and evaluate. (Dwyer, 1987).
Segment and profile the market Evaluate Design strategy Implement
Figure 1 Source: Dwyer, R. (1987). Developing buyer seller
relationshipjournal of market A challenge of defining CRM is that any
definition is contingent in the level at which CRM is practiced in an 25
26. 26. organization or for that matter what the researcher or manager
believed about the correct level of CRM (Arezu and Alieza, 2006). There
are three different possible levels; 1. Functional 2. Customer facing 3.
 Company wide In CRM process customer facing level is being focused
upon. This perspective includes the building of a single new of the
customer across all contact channels and the distribution of customer
intelligence to all customers facing functions. This view stresses the
importance of coordinating information across time and contact channels
o manage he enter customer relationship systematically. For example, a
bank customer who has both a loan product and a savings product might
interact with the bank through various channels and different types of
interactions (e.g. Transactions, information request, complaint), which
may change over time (Arezu and Alieza, 2006). 26
27. 27. A CRM process on the customer facing level would be the basis of
the interaction and on the basis of the generated intelligence, would result
in coordinated and well defined action through different functions
(Werner, 2004). 2.4 ATTRACTION, SATISFACTION, RELATIONSHIP
MANAGEMENT Since CRM includes all activities directed towards the
establishment, development and maintenance of exchange relationships
(Morgan and Hunt, 1994). According to this study, here are the
relationship strategy chosen and to be review in this literature; 1.
Customer attraction 2. Customer retention 3. Customer satisfaction 4.
Relationship management 27
28. 28. CUSTOMER ATTRACTION Attraction as a driver of customer
commitment means something that makes the service provider interested
to a given customer or the other way round so attraction can be based on
financial technology or social constructs. Consequently, even social
contacts that are highly appreciated may form a source of attraction that
can lead to a business relationship. If attraction exists between two
parties, the basis for a relationship is developing, indeed understanding.
Understanding the role of attraction in a customer commitment decision is
the key issue that little attention has been paid on it the service marketing
area. (Gronroos, 2001). Gilbert (1996) suggested that quality should play
role of the chief facilitator to achieve the objectives of relationship
management, such a commitment to the brand, emotional involvement
and active interaction. 28
29. 29. Creating strong customer focused relationship requires understanding
the needs, if specific customers and the firms succeed in meeting these
needs, Such serves as a means to measure the perception of customers
experiences in the services encounter (Parasuramon et al, 1991).
Delivering more effective services quality than others in one of the ways
that a firm can be successful in achieving todays business environment.
(lai et al, 2007). Groonros (2000) described service quality in term of
seven perceived scale; 1. Professionalism and skills 2. Attitudes and
behavior 3. Accessibility and flexibility 4. Reliability and trust worthiness 5.
Service recovery 6. Serviscape 7. Reputation credibility 29
30. 30. Value of a relationship is studied in Wilson and Jantrania (1995)s
research which is a very useful contribution in business relationship and
its success issue. In a long term relationship with the customer the benefit
concept takes a deeper meaning (Ravald and Groonros, 1996). The
customer perceived value needs to get a deeper meaning which does not
relate only to episodes, but to the expectations of the customer and the
companys responsibility to meet these expectations in a long term
relationship (Ravald and Groonros; 1996). The customer-perceived value
needs to get a deeper meaning which does not the expectations of the
customer and the companys responsibility to meet these expectations in
a long- 30
31. 31. term relationship. (Ravald and Groonros, 1996). Relationship
Increasing the benefit/reducing the sacrifice Value Stimulate
Repurchasing Activities Relation Safety Credibility Security Trust Loyalty
Mutually profitable relationship for supplier and customer Figure 2: The
effect of value- adding strategies in a long- term relationship Source:
Revald and Gronroos (1996). According to Wilson and Jantrania (1995),
value means a great many things to great many people. Increasing the
benefits means adding something to the core product that the customer
31
32. 32. perceived important, beneficial and of unique value. The problem is to
find an alternative to providing superior value which improves the
performance of the company a well as the benefit of the customers in the
long run. (Wilson and Jantrania, 1995). It must be examined that how a
company can add value to the offering by reducing the customer-
perceived sacrifice. Companies should look at things from the customers
perspective and this is a core aspect of relationship management. The
company needs a thorough understanding of the customers value chain
in order to be able to reduce the customer perceived sacrifice. The
company should get close to the customer to be able to understand his
needs preferences and all the activities which constitute his value chain.
(Wilson and Jantrania, 1995). Relationship value is conceptualized in
three economic, psychological or behavioral and strategic. 32
dimensions,
33. 33. Economic Concurrent Engineering Investment quantity Value
reduction Cost reduction Goals Social bending Time to market Trust
Strategic fit Culture Core competencies Behavioral Strategic Figure 3:
Expanding the dimensions of relationship value Source: Wilson and
Jantrania, (1995) CUSTOMER RETENTION Customer retention is
increasingly being as an important managerial issue especially in the
context of saturated market or lower growth of the number of new
customers. It has been acknowledge as a key objective of relationship
marketing primarily because of its potential 33 in delivering superior
34. 34. relationship economics, i.e. it cost less to retain than to acquire new
customers. The assumption is that generalized theories, which imply
universal applicability, tend to overlook the distinctive impact of
conceptualized business conditions on effective customer retention
strategies, the fact is that both theoreticians and managers should
consider business context in developing and implementing customer
retention developing and implementing customer retention strategies
(Rizal Ahmed and Francis Buttle pp. 149 161). With the cost of losing
customer rising every day, companies continually seek new ways to
acquire, retain and increase business. Service has long been an
important factor in customer retention, and new research suggests its role
in more critical than ever and will continue to grow throughout the 1990s.
CUSTOMER SATISFACTION Satisfaction and dissatisfaction are seen
as two ends of a scale which are related to each other but only have
slightly 34
35. 35. differences from each other where the location is defined by a
comparison between expectations and outcome. (Pantea, 2008). A
customer will be satisfied when the outcome of the source meets his or
her expectations and also when the service quality is more than those
expectations and also when the service quality is more than those
expectations, the service provider is having the delighted customer
contrary when the perceived overall service quality is below or less than
 his or her expectation. We can strongly say that the customer will be
dissatisfied (Looy et al. 2003) 35
36. 36. Figure 4: A Service Satisfaction Framework Satisfied Delighted
Customer Recovered Satisfied customer Exhausting customer
Complaining Dissatisfied Source: Not recovered Dissatisfied Customer
Based on J.M. Hays and A.V Hill (1999): Cited by Looy et al (2003)
Overall satisfaction with the providing of a service that is needed by the
customer is a function of the buyers degree of satisfaction with various
aspects of the service offered (Gounaris, 2005). 36
37. 37. Liljander and Strandvik (1995) presented a model which broadens the
discussion on satisfaction, quality and value by including customer
relationship specifications they also draw on both traditional services
quality literature and relationship studies within industrial marketing.
Instead of saying that satisfaction is linked to transactions and service
quality is linked to a global attitude of the service, it is suggested that
quality precedes satisfaction and the satisfaction can be measured also
for some other transactions (Liljander and Strandvik, 1995). Although
satisfaction applies to both tangible and intangible goods the emphasis
should be on the services setting. Where the concept has been the
subject of investigation in many studies (Liljander and Strandvik, 1995).
The expectancy disconfirmation paradigm in process theory provides the
infrastructure for the vast majority of satisfaction 37
38. 38. studies and encompasses four construct (Liljander and Strandvik,
1995). 1. Expectations 2. Performance 3. Disconfirmation 4. Satisfactions
Close relationship does exist between customers loyalty and high levels
of customers satisfaction which brings customer delight firms should not
only meet their customers expectations but they should try to excite them
in one or another way. (Pantea, 2008) relationship management replaced
traditional transactions oriented approaches of marketing by placing more
emphasis on the creation of customer value by means of developing and
maintaining relationship (Ossel et al, 2003). 38
39. 39. RELATIONSHIP MANAGEMENT Relationship management is an
important strategy and is one of the important aspects of marketing in
these two decades. Morgan and Hunt (1994) defined Relationship
management as all marketing activities directed towards establishing
developing and maintaining successful relationship. Relationships
between customer and business firms have been consistently
encouraged as successful business practices worldwide. The commotion
with marketing has seldom been established formally in the development
of marketing theory (Yau, 2000). Relationship management was known
as a strategic approach to industrial and service markets and was
considered to be unsuitable in other marketing context (Omalloy and
Tynan, 2000). The idea of relationship and also relationship building
being extended to other area such as distribution, service and consumer ,
are as the result of strong interest in relationship between 39
40. 40. companies. So we must also build relationships to middlemen service
supplier and end consumer (Jorgenson, 2001). Liljander and Strandvik,
(1995) proposed that a relationship term should be defined from the
customers point of view as this corresponds to a market oriented
perspective. The customer can be committed both negatively and
positively towards the service provider, or he can be indifferent. A
negatively committed customer will try to end up the relationship as soon
as possible, but is usually unable to do so in the short period of time
because bonds which serve as exit barrier (Liljander and Strandvik,
 1995). In order to build up a lasting and successful customer relationship
the provider needs to have a deep understanding of the customers
business activities in which the customer created value for himself
(Helander and Hirvonen, 2001). 40
41. 41. 2.5 CUSTOMERS LOYALTY The degree of customers loyalty is
measured as the percentage of loyal customers, the percentage of
incomes associated with loyal customers and the rise of loyal customers
after the implementation of customer relationship management activities
(izquierdo et al, 2005). Commitment to customers and service quality
enhance satisfaction which leads to close and successful relationship
(Buttle, 1996; cited by Izquierdo et al, 2005). These loyalty programs are
structural marketing efforts, which reward and therefore encourage loyal
behavior (Izquierdo et al, 2005). DIMENSION OF CUSTOMERS
LOYALTY Sheth (2002) stated that customer attitude is difficult to
measure for financial and practical purposes; customer retention is
generally used as an indicator of customer loyalty. However, attitude and
behavior can be very different (Sheth and Parvatior, 2002). 41
42. 42. Attitude Positive Buying pattern Negative Positive Spurious loyalty
Latent loyalty Negative True loyalty No loyalty The dimensions of
customer loyalty Source: (Dick, A.S and Basu .K. (1994) Journal of
academy of marketing science; cited by Sheth and Parvatror, 2002)
Different loyalty types are shown in the matrix above and can be matched
with different forms of relationships. 1. Truly loyal customers are willing to
seek out a particular service location or brand; 2. Seriously loyal
customers tend to be more motivated by impulse convenience and habit
that is if the conditions are right; 3. Latent loyalty applies to customers
who are loyal simply because they have no other choice; 4. No loyalty
obviously there will always be some customers who display no loyalty to a
particular company or brand. 42
43. 43. 2.5.1 CUSTOMER LOYALTY PROGRAM Commitment to customers
and services qualities enhance satisfaction which leads to close and
successful relationship. If we admit that, it is more profitable holding on to
existing customers than winning new customers (Berry, 1995; Vavra,
1995: cited by (Izquiordo et al, 2004), the company will try to achieve the
satisfaction of existing customers providing them inducement such as
discount, free product or fidelity card. These loyalty programs are
structured marketing attempts which reward and therefore encourage
loyal behavior, loyalty program customers should show changes in repeat
purchase loyalty which is not evident amongst non-program brands. A
decreased switching to non-program brands, increased repeat purchase
rates, increased used frequency or greater propensity to be exclusively
loyal. (Izquierdo et al 2005). Rauyren et al (2005) provide a practice of
how relationship quantity can influence customer loyalty or loyalty in the
business to business context. 43
44. 44. Satisfaction appears to be an important factor in maintaining purchase
intentions through service quality will strongly enhance both purchase
intentions and attitudinal loyalty. (Rauyren et al 2005). In order to
maintain customer loyalty, a supplier must enhance also four aspects of
relationship quality which are trust, commitment, satisfaction and services
quality. (Pantea, 2008). Successful loyalty programs need to make offers
to encourage customers to continue to make purchases from the
company, but more important, successful loyalty programs need to
manage loyalty and profitability property ((Pantea, 2008). A recent article
Ramartz and Kumur, 2007: cited by Kumur and Peterson, 2005) show
 that the most loyal customers are not necessarily the most profitable. We
can say that loyal customers cost less to serve, loyal customers pay
higher prices for the same goods and loyal customers do more marketing
on behalf of the company (Pantea, 2008). 44
45. 45. These results are shown below where customer are divided into four
different categories; (Kumur and Peterson, 2005) 1. Low profitability and
short tenure 2. High profitability and short tenure 3. Low profitability and
long tenure 4. High profitability and long tenure Earlier, the focus of
loyalty was brand loyalty with respect to tangible goods (Caruana, 2002).
Brand loyalty defied as the preparation of a purchase of a household
devoted to a brand if purchase most often. Over time fall have continue to
expand, reflecting the wider perspective of marketing to work into other
types of loyalty such as vendor loyalty. Few studies have discussed on
customer loyalty of services (Caruana, 2002). 2.6 CUSTOMER
RELATIONSHIP MANAGEMENT SYSTEM IN BANKING/FINANCIAL
INSTITUTIONS Panda (2003) observed that globalization and
deregulation, combined with radically enhanced the managerial context of
45
46. 46. service industries. Watkins, (1992) stated that he financial services
industry is in a transitional stage as the mission of information technology
changes its emphasis from administrative efficiency to the improvement
of service quality and IT becomes market led. He also mentioned that IT
would involve the installation of new customer administration, marketing
information, and point of sale and branch system to provide better
customer service. Through research is quite old a number of researchers
today have observed that the financial services industry is in the middle of
a structural change (Geib et al, 2004). Panda (2003) explain that financial
services today are facing fierce and aggressive competition in both
domestic and global market thereby forcing organization to restructure in
order to enhance their chances of growth and survival. The financial
service industry is a seater which is generally held as being the most
advanced in customer relations management, as they are the traditional
users of direct mail and having extensive information on customer, (Goss
and Stone, 2002). 46
47. 47. The relationship which financial service companies such as bank,
hold with their customer is imperative for the growth and survival of such
a business. Hence, the need to adopt new ways of gaining an advantage
over competitors becomes an important part of business. Geib et al,
(2006) explain that due to increasingly competition and high customer
demands financial services companies are required to focus on core
competencies in order to deliver better value to customers. Karakostas et
al, (2005), asserts that financial services had a lead in implementing CRM
due to the nature of their business, as business transaction where
information technology based and contained important information about
their customers. The emergence of CRM in the financial services industry
was as a result of three fundamental factors which have been listed as
new technological opportunities increasing competition from new market
emigrants and changing customer behavior (Geib et al, 2006). These
factors therefore motivate financial services to focus 47
48. 48. on the development of a good relationship between the business and
its customers. Panda (2003), states that for a successful CRM
implementation in the financial services sector, it has to incorporate four
main areas of business which include strategy, people, technology and
process. Panda further explains that he enablers (people and technology)
 are moved by the organizations strategic processes through their
systematic interaction which eventually results in a successful CRM
implementation. 2.6.1 NIGERIAN BANKING SYSTEM The financial
institutions under investigation are the commercial banks in Nigeria. Due
to this, a literature review was carried out on the country. This section
aims to give knowledge on the development of banking system in Nigeria
and also information technology in Nigerian banks. 48
49. 49. 2.6.2 HISTORICAL DEVELOPMENT OF NIGERIAS BANKING
SYSTEM The history of Nigerias banking and finance industry can be
viewed as a story of recurring changes in the nature of financial markets
in response to economic, political and in particular, regulatory policy
changes. (Oyejide, 1990). The African banking corporation, which was
Nigerias First Bank, was established in 1892 (Beck et al, 2005). No
banking legislation was present at the time but came into existence in
1952 and at this point Nigeria had three foreign banks and two indigenous
banks, the foreign banks were the bank of British west Africa, Barclays
bank of Nigeria and the African continental bank (library of congress
country studies) for decades after 1952, the demand for deposit was
showed as Nigerians preferred cash and distrusted checks for debt
settlement (CIA world fact book). 49
50. 50. The Central Bank of Nigeria began operations on July 1, 1959 (Beck
et al, 2005), it was statutorily independent at the federal government until
1968 (library of congress country studies). In the 1970s the Nigerian
financial sector was largely controlled by the government through to the
early 1990s (Kano and Rice, 2001). However, by the end of 1988, the
banking system in Nigeria consisted of the Central Bank of Nigeria Forty
two (42) commercial bank and twenty-four (24) merchant banks (CIA
World factbook). Both commercial and merchant banks had 1,500
branches together. Merchant banks were allowed to open checking
account for corporations only and could only accept deposits of N50,000
and above (library of congress country studies). As at 1988 commercial
banks had assets of N52.2bilion compared to merchants banks with
assets of N12.6billion (CIA World fact book). During the 1970s the
Nigerian government introduced a number of direct controls in the
banking system, through ownership, as well as through interests rate and
credit controls (Beck et al, 2005). Since there were no Nigerian
purchasers, 50
51. 51. foreign-owned banks were nationalized and this was as a result of an
indigenous wave which has the goal of securing domestic majority
ownership of strategically important sectors (Beck et al, 2005). Nigeria
then undertook a brand program if financial liberalization in 1986 with the
Structural Adjustment Programme (SAP), this resulted in interest rates
and entry into the banking system being liberalized while credit allocation
quotas were also loosened (Beck et al., 2005). The consequence of this
was the quick entry of many players into the banking system, the number
of banks increased from 40 to about 120 (Beck et al., 2005) the
contribution of the financial sector to GDP also increased (Lewis and
Stein 2002). On the 6th of July, 2004 the Central Bank of Nigeria (CBN)
announced a N25billion minimum capitalization requirement for Nigerian
Commercial banks with effect from December 31, 2005 (CBN, 2004). The
objective was to produce Mega banks which would be more supportive of
an emerging and vibrant private 51
52. 52. sectors, entrance competition on the global markets in addition to
stemming the tide of distress in the banking industry (Skye bank, 2008).
 This implementation was the first phase of the most extensive and
intensive banking reforms. Since post-independence Nigeria (Achua,
2008). This development was met with mixed reaction in the industry,
most banks were in agreement with the purpose of these returns but felt
that the timeline was rather short for such a large increase in capital base.
As a result of the reform, 89 commercial banks, which existed before. The
reform, where reduced to 25 commercial banks. 76 banks of the 89 banks
merged into 25 mega banks. While 13 banks were liquidated and this
took place in 2005 (Achua, 2008). In early 2008, two of the twenty-five
existing banks also merged thereby bringing the recent amount of
commercial banks to twenty four scenario electronically and available to
all channels (Oboh, 2005). However, one of the challenges is the
management of the sprawling database built on customers so that
information can be 52
53. 53. made readily, speedily and systematically extracted, shared and
reviewed to aid management decisions and most importantly to satisfy
customer (Oboh, 2005). 2.7 INTEGRATIVE SUMMARY The review
highlights customer relationship management system, (process, and
goals). It also reviews the construct, customer attraction, customer
satisfaction, customer retention, relationship management and
customers loyalty as well. The literature review also gives insight into the
banking system of Nigeria by explaining the background information of
the country and further explaining the history of the banking system up to
its present state. The review let us know that there has been a lot of
progress in the banking system in Nigeria and due to the strong financial
reforms, competitions amongst banks is on the increase therefore in order
for this banks to survive there has been quite an increase in the
application of customer focus strategy in their operations. 53
54. 54. The next chapter discusses the methodology of the study. Concept
such as the methodology approach, sample population, description of the
instrument used is presented. 54
55. 55. REFERENCES Adeoti-Adekeye, W.B. (1997), Important of
Management Information System: Journal of the Library review 46 (5),
318 327 Anandarajan; M. et al (2002) Technology acceptance in the
banking industry: A perspective from a less developed country: Journal
of Information technology and people Vol 13 (4), pg 298 312 Arezu .G.
and Alieza .O. (2006), Impact of Customer Relationship Management of
Customer Retention: Master thesis: Julea University of technology,
2006:02 PB: ISSN: 1653 0187 Beck, T. et al (2005), Bank privatization
and performance: Empirical evidence from Nigerias Journal of Banking
and Finance. 29 (8 9), 2355 2379. Caruana, A, (2002) Service loyalty
the effect of service loyalty and mediating role of customer satisfaction
European journal of Marketing, 36, 7/8, pp 1 2. Dwyer F.R. Schurr. P.H,
and Oh, S. (1987) Developing Buyer Seller Relationship. Journal of
Marketing vol 51, 11 27. Eroke, L. (2008) Between Banks Product and
Quantity Service This Day Newspaper Vol 13 (4694), 33 -34. Foss, B.
and Stone, M. (2002) CRM in financial services: A practical Guide to
making customer relationship management: Work Kogan Page Publisher.
Gilbert, D.F, and Buttle, E.D, (1996), Airlines in Relationship Marketing:
Theory and Practice: pp, 131 144, London: Paul Chapman. 55
56. 56. Gronroos, C. (2000), Service management and marketing A customer
Relationship management Approach, Wiley, New York, NY. Gronroos, C.
(2001), The perceived service quality concept a mistake? Managing
Service Quality, Vol. 11, No. 3 Helandar, N. and Hirvonon, P., (2001),
 Towards Joint Value Creation Processes in Professional Services The
TQM Magazine Volume 13, Number 4, pp. 281 291 (II) Idowu, P. et al
(2002). The Effect of Information Technology on the Growth of the
Banking Industry in Nigeria Journal of Information Systems in Developing
Countries. Vol10 (2), 1 8. Izquierdo, C. and Gilan, J. (2004), Trust as
the key to relational commitment, Journal of Relationship Marketing, 3
(1). Izquierdo, C. and Gilan, J., Gutierrez, S.S (2005) Impact of Customer
Relationship Marketing on Firm Performance: Spanish Case, Journal of
Services Marketing 1914 234 244 Johan and Fredrick (2002)
Customer Relationship Management 2002: 016 SHU. ISSN: 1404
5508 Jorgensen, N (2001). A contingency model for the companys use
of relationship building, 17 the IMP Conference Kottler .P. and Keller .K.
(2006). Marketing Management. 12edition. USA, ISBN 0 13 145757
8 Kumar, U and Peterson, A (2005) Using a customer level
marketing strategy to enhance firm performance: A Review of Theoretical
and Empirical Evidence, Journal of the Academy of Marketing Science, 4
(4), 507 516 56
57. 57. Liljander, .V. and Strandvik, T. (1995) The Nature of Customer
Relationship in Services, Swart, Teresa A, David E, Bowen and Stephen
W. Brown (eds), Advances in Services Marketing and Management,
Volume 4, London: JAI Press Inc. Morgan, R. and Hunt .S. (1994), The
Commitment trust theory of relationship marketing Journal of
Marketing, Vol. 58, July, pp. 20 38 Nigeria Banking, Finance, and other
services The library of congress studies, CIA World Fact book (1991).
Oboh, G.A.T (2005) Developing an ICT based delivery in the Nigerian
Banking Industry. Union Bank Experience Union Digest Vol.9 (1) Pg 1 -
11. O Malley, L. and Tynam .C. (2000) Relationship marketing on
consumer markets Rhetoric or reality. Ossel, G. and Gemmel, P. Looy, B.
(2003), Service management an integrated approach; Prentice Hall
Press. Panda, T. (2003) Creating Customer life Time Value through
effective CRM in financial services industry Journal of services Research
(Online) Pantea, P.J (2008) Impact of Customer Relationship
Management on Market Performance: Master thesis: Lulen University of
technology: 2008: 0085 ISSN: 1658 0187. Parasuraman, A, Zelthaml,
Valarie A. Barry, Leonard L, (1991), Retirement and Reassessment of
the SERVQUAL Scale. Journal of Retailing Vol.67. Peppard, J. (2000)
Customer Relationship Management (CRM) in financial service
European management Journal Vol 18 (3), Pg 312 327. 57
58. 58. Petra, P. (2004) Customer Relationship management and How a
CRM System can be used in the Sales Process 2004. 124 (IV. ISSN:
1402 1617. ISRN: LTU EX 041121 SE-LUTH. Ravald, A and
Gronroos C. (1996) The Value Concept and relationship marketing,
European Journal of Marketing, Innovations Linking purchases, Services
recovery, Vol. 30 No. 2, pp, 19 30. Rauyren, P. (2005). Relationship
Quantity as a predictor of B2B Customer Loyalty. IMP Group Journal.
Reinartz, W. and Kumar .V. (2002) The mismanagement of customer
loyalty Harvard Business review, (July), pp. 86 97. Sheth, J.N. (2002),
The Future of Relationship Marketing Journal of Service Marketing
Vol16, No. 7, pp 590 592 Taria, M.A (2005) Internet and Customer
Relationship management in SMEs 2005: 087 SHU ISSN: 1404
5508 ISRN: LTU SHU EX 051087. LUTH Umar, S.D (2005)
Implications of Technological Innovations in the banking industry Paper
and proceedings of the Bank Directors Seminar pg 82 91. Usman, S.
(1990) Responses of the Finance Sector to Environmental changes:-
 Past, Present and Future Innovation, Technology and the Nigerian
Finance Sector pg 30 37. Werner, R. Manfred, K. Wayne, D. (2004),
The Customer Relationship Management Process Journal of Marketing
Research: Vol XLI August 2002. Sheth, J.N AND Parvatiyar .A. (1992)
Towards a Theory of Business Alliance formation Scandinavian
International Business Review, 1 (3) 17 - 7 58
59. 59. CHAPTER THREE RESEARCH METHODOLOGY 3.1
INTRODUCTION Polkinghorne (1985) defines methodology as
Examination of the possible plans to be carried out the journeys to be
undertaken so that an understanding of phenomena can be obtained.
Graziano and Raulm (2004), explain that since research involves a
process of asking and answering questions that may lead to interplay
between inductive and deductive thinking, the methods used in answering
such questions can therefore depend on several factors. This chapter is
concerned with discussing the methodology used for this research work.
It involves the methods and procedures for carrying out this study consist
the following: Research design, population and sample size, sampling
technique, instrument for data collection, validation of instrument, method
of data collection and technique of data analysis. 59
60. 60. 3.1 RESEARCH DESIGN This is the programme that is meant to
guide the researcher in the process of collecting, analyzing and
interpreting observations. According to Olannye (2006) research design
are the approaches, framework or plans for carrying out research studies.
The design method adopted for this research takes the form of a survey
study as it allows samples to be selected and explanatorily studied. The
design permit the collection of original data meant for describing large
population with individual as unit of analysis. The research is also
designed to ascertain the Impact of Customer relationship management
on Customers loyalty. 60
61. 61. 3.3 POPULATION AND SAMPLE SIZE This research took the form of
a field survey: at this juncture, it is pertinent to mention that the population
of this study is strictly, restricted to the banking or financial industry.
However time constraints directed the focus of this study on Guaranty
Trust Bank Plc Asaba branch where the desired sample was made. The
population consists of 800 persons to whom the work would be
generalized. The sample size of this research study is a proportion of
individuals drawn from the population in order to assess the Impact of
Customer relationship management on Customer loyalty. The sample
size of 80 used for this research work. These comprises of customers of
Guaranty Trust Bank Plc, Asaba. The sample size therefore is 10% of the
population under study. This is derived with the formula below: K = N n 61
62. 62. Where: N Total number of population n 3.4 = = Sample size
SAMPLING TECHNIQUES A stratified sampling technique was adopted
for this study as this technique gives every member an equal chance of
being selected or chosen. This was due to the fact that the population
was divided into sub-strata, based on criteria of level of Customers of
Guaranty Trust Bank Plc, Asaba Branch. 3.5 RESEARCH INSTRUMENT
This is a major procedure to be followed in carrying out a research study.
It implies the tools used in the courses of collecting the need information
for the research study. Questionnaires were the instrument of data
collection used for this study. Olannye (2006) defined a questionnaire as
an 62
63. 63. instrument for gathering data from respondents to aid in finding,
solution to research problems. Alasautari (1998), Bryman (2001),
 Oppenheim (1992), (Zaja and Blair (2005) gave some points which a
researcher should have in mind when designing a questionnaire. Some of
these points are: The researcher must have in mind the context and
circumstances of the research situation, that is, the questions should be
aligned with the aims and objectives of the research. Slang and
colloquialisms should be avoided. Appropriate choice of closed and
open question should be used. Question and answer should be kept
together. Questions should not be separated from its respective answers,
that is, the question and answers should follow each other on the same
page as opposed to the question being on one page and the answers on
another page. 63
64. 64. Each question should contain only one idea; two edged questions
should be avoided. The questions should be neutrally worded, that is,
using conventional language which is easy to understand and does not
arouse strong emotions. The questionnaire used was divided into two
section (A and B) confirming questions on respondents profile and
another on closed ended questions pattern using the Iinkert scale
closedended question as follows: 5 = Strongly Agree (SA) 4 = Agree (A) 3
= Undecided (U) 2 = Disagree (D) 1 = Strongly Disagree (SD) 64
65. 65. 3.6 VALIDATION OF THE INSTRUMENT To establish the reliability of
the instrument a test-retest method was employed. A research instrument
can go a long way to nullify the reliability of the research findings. To
validate the instrument for data collection, the questionnaire was given to
renowned expert from the Department of Business Administration and
Marketing, Delta State University, Asaba Campus. This was to establish
the reliability and content validity of the instrument. 3.7 METHOD OF
DATA COLLECTION Data was collected through primary and secondary
sources. Questionnaire administered to respondents is of the primary
data source. The internet as well as the library constituted our secondary
data collection medium. This includes journals, newspapers, magazines,
textbooks, research findings reports e.t.c. 65
66. 66. 3.8 TECHNIQUES OF DATA ANALYSIS In the study, the statistical
technique of data analysis is adopted .The multiple regression analysis
will be used through the spss computer software. MODEL
SPECIFICATION The most important step in studying any relationship
between variables is model specification. It is to express the relationship
in mathematical form with which the topic will be explored empirically.
Multiple correlation coefficients (R2) are the correlation coefficient
between the criterion (dependent variable) and several independent
variable and this is the case in this study. 66
67. 67. MODEL L= 0+1x1+2x2+33+4x4+E1 Where 1, 2 and 3
. n. are the slope coefficient for predictors x1, x2,x3xn 67
68. 68. REFERENCES Alasautari, P. (1998) An introduction to Social
Research Sage Publications: London Bryman, A. (1988) Quantity and
Quality in Social Research Union Hyman Ltd London Czaja, R. and
Blair, J. (2005) Designing Surveys, Pine Forge Press: London Olannye,
P.A (2006) Research Methods for Business: A skill Building Approach,
Peejan Publication. Lagos. Oppenhein, A.N (1992). Questionnaire
Design, interviewing and Attitude Measurement London: Printer.
Polkinghorne, D. (1983) Methodology for the Human Science. State
University of New York Press Albany. Graziano, A.M and Raulin, M.L.
(2004) Research Methods: A process of Inquiry Pearson United States of
America. 68
69. 69. CHAPTER FOUR DATA PRESENTATION AND ANALYSIS 4.1
INTRODUCTION This chapter focuses on the presentation and analysis
of data and information collected through the questionnaires administered
to the Customers of Guaranty Trust Bank, Nigeria, Plc, in Asaba. The
data presented and analyzed in this study is dichotomized into two parts.
In this chapter, the primary data adopted through questionnaires are
presented and analyzed. This analysis is used to validate this analysis is
used to validate or nullify the earlier stated assumptions. In doing so the
researcher used simple percentage to analyze the personal data of
respondents and multiple regressions were used in analyzing the
research questions and testing of research hypothesis. A total of 80
questionnaires were distributed to the customers and 49 were completed
and returned. 69
70. 70. 4.2 DEMOGRAPHIC CHARACTERISTICS OF RESPONDENT
USING SIMPLE PERCENTAGE SECTION A 4.1.1 Gender SEX
FREQUENCY PERCENTAGE Male 19 38.8% Female 30 61.2% Total 49
100 The above table shows that males are 19 with 38.8% and female 30
(61.2%). This shows that females are more amongst the respondents
than male. 4.2.2 Age FREQUENCY PERCENTAGE Below 30 31 63.3 31
40 13 26.5 Total 49 100 70
71. 71. The above table shows that males 31 (63.3%) of the respondent are
below 30, 13 (26.5%) are between 31 40 while 5 (10.2%) are above 40.
4.2.3 Education FREQUENCY PERCENTAGE OND/NCE 15 30.6
HND/B.Sc 28 57.1 Masters 6 12.2 Total 49 100 The table above shows
that 15 (30.6%) of the respondent are OND/NCE holder 28 (57.1%) are
B.Sc holder while 6(12.2%) have a masters degree. 4.2.4 Job Experience
(years) FREQUENCY PERCENTAGE Below 5yrs 38 77.6 5 - 10 6 12.2
Above 10 5 10.2 Total 49 100 71
72. 72. The above table shows that 38 (77.6%) of the respondent have a job
experience which is below 5yrs, 5 10years are 6 (12.2%) while 5
(10.2%) are above 10years. 4.2.5 Status in Organization FREQUENCY
PERCENTAGE Junior Staff 25 51.0 Senior Staff 17 34.7 Management
Staff 7 14.3 Total 49 100 From the above table, it shows that 25(51.9%)
of the respondent are junior staff while senior staff are 17(34.7%) and
7(14.3%) for management staff. SECTION B Research Question 1: To
what degree does customer retention progammes affect customers
loyalty? Q1: Company open doors to customers complaint on service
delivery. Strongly Disagree FREQUENCY 0 72 PERCENTAGE 0
73. 73. Disagree Undecided Agree Strongly Agree Total 0 0 26 21 49 0 4.1
53.1 42.9 100 From the above table 0(0%) Strongly disagree 0(0%)
Disagree, 2(4.1%) were Undecided, 26(53.1) agrees while 21(42.9%)
strongly agree. Q2: Company has a good pricing system and service
change. FREQUENCY 0 2 3 33 11 49 Strongly Disagree Disagree
Undecided Agree Strongly Agree Total PERCENTAGE 0 4.1 6.1 67.3
22.4 100 From the above table 0(0%) Strongly disagree 2(4.1%)
Disagree, 3(6.1%) were Undecided, 33(67.3%) agree while 11(22.4%)
strongly agree. Q3: Company shows concern towards customer problem.
Strongly Disagree Disagree FREQUENCY 1 1 73 PERCENTAGE 2.0 2.0
74. 74. Undecided Agree Strongly Agree Total 6 11 30 49 12.2 22.4 61.2 100
The table above shows 1(2%) Strongly disagree, Disagree 1(2%),
6(12.2%) were Undecided, 11(22.4%) agree while 30(61.2%) strongly
agree. Research Question 2: Does customers satisfaction leads to
customers loyalty? Q4: Company focuses to meet customers
expectation. Strongly Disagree Disagree Undecided Agree Strongly
 Agree Total FREQUENCY 1 1 3 23 21 49 PERCENTAGE 2.0 2.0 6.1
46.9 42.9 100 From the above table 1(2%) Strongly disagree, 1(2%)
Disagree, 3(6.1%) undecided, 23 (46.9%), Agree 21(42.9%) strongly
agree. 74
75. 75. Q5: Company service performance is satisfactory . Strongly Disagree
Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 0 8 15
26 49 PERCENTAGE 0 0 16.3 30.6 53.1 100 The table above show
0(0%), strongly disagree, 0(0%), disagree 8 (16.3%) are undecided,
15(30.6%) agree, 26(53.1%) strongly agree. Q6: I am likely to use their
service again Strongly Disagree Disagree Undecided Agree Strongly
Agree Total FREQUENCY 1 7 0 20 21 49 PERCENTAGE 2.0 14.3 0 40.8
42.9 100 From the above table 1(2.0%) Strongly disagree, 7(14.3%)
Disagree, 0(0%) undecided, 20(40.8%) Agree, 21(42.9%) strongly agree.
75
76. 76. Research Question 3: Is there a significant Impact of Customer
attraction programs on customers loyalty? Q7: I got to know about
company and its products and services through media advertisement
Strongly Disagree Disagree Undecided Agree Strongly Agree Total
FREQUENCY 2 1 5 19 22 49 PERCENTAGE 4.1 2.0 10.2 38.8 44.9 100
From the above table 2(4.1%) strongly disagree, 1(2.0%) Disagree,
5(10.2%) undecided, 19(38.8%) Agree, 22(44.9%) strongly agree. Q8:
Am attracted to company by friends and superior. Strongly Disagree
Disagree Undecided Agree Strongly Agree FREQUENCY 0 1 4 25 19 76
PERCENTAGE 0 2.0 8.2 51.0 88.0
77. 77. Total 49 100 From the above table 0(0%) strongly disagree from the
respondent, 1(2%) Disagree, 4(8.2%) undecided, 25(51%) Agree,
19(38.8%) strongly agree. Q9: Ive been doing business with the
organization because of their track record. FREQUENCY 0 1 3 22 23 49
Strongly Disagree Disagree Undecided Agree Strongly Agree Total
PERCENTAGE 0 2.0 6.1 44.9 46.9 100 From the above table 0(0%) are
strongly disagree from the respondent, 1(2%) Disagree, 3(6.1%) are
undecided, 22(44.9%) Agree, 23(46.9%) strongly agree. Research
Question 4: To what extent does Relationship management lead to
customer loyalty? Q10: I have a couple of friends and acquaintances.
FREQUENCY 77 PERCENTAGE
78. 78. Strongly Disagree Disagree Undecided Agree Strongly Agree Total 1
1 2 28 17 49 2 2 4.1 57.1 34.7 100 The table above shows 1(2%) strongly
disagree, 1(2%) Disagree, 2(4.1%) undecided, 28(57.1%) Agree,
17(34.7%) strongly agree. Q11: Service officer often show concern about
how I fair in each transaction. Strongly Disagree Disagree Undecided
Agree Strongly Agree Total FREQUENCY 2 3 4 24 16 49 PERCENTAGE
4.1 6.1 8.2 49.0 32.7 100 From the above table 2(4.1%) Strongly
Disagree, 3(6.1%) Disagree, 4(8.2%) undecided, 24(49%) Agree,
16(32.7) Strongly Agree. 78
79. 79. Q12: Company encourages us to talk to supervisor anytime Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
1 1 7 24 16 49 PERCENTAGE 2 2 14.3 49.0 32.7 100 From the above
table 1(2%) is Strongly Disagree, 1(2%) Disagree, 7(14.3%) are
undecided, 24(49%) Agree, 16(32.7) Strongly Agree. CUSTOMER
LOYALTY Q13: Trust consistency in service delivery encourages
patronage Strongly Disagree Disagree Undecided Agree Strongly Agree
Total FREQUENCY 2 2 5 26 14 49 79 PERCENTAGE 4.1 4.1 10.2 53.1
28.6 100
80. 80. From the above table 2(4.1%) Strongly Disagree, 2(4.1%) Disagree,
5(10.2%) are undecided, 26(53.1%) Agree, 14(28.6%) Strongly Agree
Q14: Company has clearly defined customer service policy. Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
0 1 2 32 14 49 PERCENTAGE 0 2.0 4.1 65.3 28.6 100 From the above
table 0(0%) Strongly Disagree, 1(2%) Disagree, 2(4.1%) are undecided,
32(65.3%) Agree, 14(28.6%) Strongly Agree. Q15: Company honors their
promise. Strongly Disagree Disagree Undecided Agree Strongly Agree
Total FREQUENCY 1 2 14 16 16 49 80 PERCENTAGE 2 4.1 28.6 32.7
32.7 100
81. 81. From the table above 1(2%) Strongly Disagree, 2(4.1%) Disagree,
14(28.6%) are undecided, 16(32.7%) Agree, 16(32.7%) Strongly Agree.
COMMITMENT Q16: Company maintain high level of integrity this make
me committed to them. Strongly Disagree Disagree Undecided Agree
Strongly Agree Total FREQUENCY 1 2 1 23 22 49 PERCENTAGE 2 4.1
2 46.9 44.9 100 From the above table 1(2%) Strongly Disagree, 2(4.1%)
Disagree, 1(2%) are undecided, 22(44.9%) Agree, 22(44.9%) Strongly
Agree. Q17: Companys level of business innovation and creativity
encourage my greater patronage. Strongly Disagree Disagree Undecided
Agree FREQUENCY 0 1 3 18 81 PERCENTAGE 0 2 6.1 36.7
82. 82. Strongly Agree Total 27 49 55.1 100 From the above table 0(0%)
Strongly Disagree, 1(2%) Disagree, 3(6.1%) undecided, 18(36.7%)
Agree, 27(55.1%) Strongly Agree. Q18: Companys passion for service
delivery makes me to anticipate more business dealings. Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
0 2 13 20 14 49 PERCENTAGE 0 4.1 26.5 40.8 28.6 100 From the above
table 0(0%) Strongly Disagree, 2(4.1%) Disagree, 13(26.5%) undecided,
Strongly Agree. 82 20(40.8%) Agree, 14(28.6%)
83. 83. SATISFACTION Q19: Company encourage face to face dealing
Strongly Disagree Disagree Undecided Agree Strongly Agree Total
FREQUENCY 0 2 12 22 13 49 PERCENTAGE 0 4.1 24.5 44.9 26.5 100
From the above table 0(0%) Strongly Disagree, 2(4.1%) Disagree,
12(24.5%) Undecided, 22(44.9%) Agree, 13(26.5%) Strongly Agree. Q20:
Company responds to message and keep client informed Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
0 0 14 14 21 49 PERCENTAGE 0 0 28.6 28.6 42.9 100 From the above
table 0(0%) Strongly Disagree, 0(0%) Disagree, 14(28.6%) undecided,
Strongly Agree. 83 14(28.6%) Agree, 21(42.9%)
84. 84. Q21: Companys employees are friendly and approachable. Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
1 1 1 18 28 49 PERCENTAGE 2.0 2.0 2.0 36.7 57.1 100 From the above
table 1(2%) strongly disagree, 1(2%) disagree, 1(2%) undecided 18
(36.7%) agree, 28(57.1%) strongly agree. 84
85. 85. TABLE 4.3 REGRESSION TABLE Descriptive Statistics N Sum of
Trust, Commitment and Satisfaction Sum of CR, Cs, CA and RM Valid N
(listwise) Minimum Maximum Mean Std. Deviation 49 21.00 44.00
32.2857 4.66815 49 33.0 60.00 50.8163 5.11401 49 Model Summary a.
Mode Adjusted Std. Error of the I R R square R Square Estimate a 1 .659
.435 .383 3.66550 Predictors: (Constant), Relationship management,
Customers satisfaction, Customers attraction, Customers retention [
Coefficientsa Unstandardized Coefficients 85 Standardized Coefficients
86. 86. Model B 1 Std. Error Betta t Sig. (Constant) Customer Relation 9.518
.411 5.481 .474 .136 1.736 .868 .089 .390 Customers Satisfaction .747
.386 .305 1.935 .059 Customers attraction .077 .329 .030 .234 .816
 Relationship management .967 .292 .419 3.308 .002 a. Dependent
Variable: TCS 4.4 TEST OF HYPOTHESIS Hypothesis testing is aimed at
giving the research a stand point to make definite and concrete inference
from the analysis carried out depending on the result of the analysis, the
hypothesis is subject to acceptance or rejection. TESTING HYPOTHESIS
1 This hypothesis was tested with the research question 3 which states
is significant impact of customer attraction programs on customer
loyalty? .Hypothesis was tested with the under list questions 86
87. 87. Q7: I got to know about company and its products and services
through media advertisement Strongly Disagree Disagree Undecided
Agree Strongly Agree Total FREQUENCY 2 1 5 19 22 49 PERCENTAGE
4.1 2.0 10.2 38.8 44.9 100 From the above table 2(4.1%) strongly
disagree, 1(2.0%) Disagree, 5(10.2%) undecided, 19(38.8%) Agree,
22(44.9%) strongly agree. Q8: Am attracted to company by friends and
superior. Strongly Disagree Disagree Undecided Agree Strongly Agree
Total FREQUENCY 0 1 4 25 19 49 PERCENTAGE 0 2.0 8.2 51.0 88.0
100 From the above table 0(0%) strongly disagree from the respondent,
1(2%) Disagree, 4(8.2%) undecided, 25(51%) Agree, 19(38.8%) strongly
agree. 87
88. 88. Q9: Ive been doing business with the organization because of their
track record. Strongly Disagree Disagree Undecided Agree Strongly
Agree Total FREQUENCY 0 1 3 22 23 49 PERCENTAGE 0 2.0 6.1 44.9
46.9 100 From the above table 0(0%) are strongly disagree from the
respondent, 1(2%) Disagree, 3(6.1%) are undecided, 22(44.9%) Agree,
23(46.9%) strongly agree. MODEL L=
0+1x1+2x2+33+4x4+E1` The Hypothesis is stated thus H0:
Good customer attraction programs do not lead to customers loyalty 88
89. 89. H1: Good customer attraction programs leads to customers loyalty.
From the regression table 4.3, it shows that customer attraction has a
positive Beta coefficient of (.077) but with a .816 level of significance.
.816 is greater than .05 which is the level of significance and this makes it
insignificant. DECISION Since customer attraction has a figure of .816
which is insignificant, we will accept Null hypothesis (H0) and reject
Alternate hypothesis (H1). TESTING HYPOTHESIS 2 This hypothesis
was tested with research question 4 which states to what extent does
Relationship management leads to 89
90. 90. customers loyalty? Hypothesis was tested with the under list
questions Q10: I have a couple of friends and acquaintances. Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
1 1 2 28 17 49 PERCENTAGE 2 2 4.1 57.1 34.7 100 The table above
shows 1(2%) strongly disagree, 1(2%) Disagree, 2(4.1%) undecided,
28(57.1%) Agree, 17(34.7%) strongly agree. Q11: Service officer often
show concern about how I fair in each transaction. Strongly Disagree
Disagree Undecided Agree Strongly Agree Total FREQUENCY 2 3 4 24
16 49 90 PERCENTAGE 4.1 6.1 8.2 49.0 32.7 100
91. 91. From the above table 2(4.1%) Strongly Disagree, 3(6.1%) Disagree,
4(8.2%) undecided, 24(49%) Agree, 16(32.7) Strongly Agree. Q12:
Company encourages us to talk to supervisor anytime Strongly Disagree
Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 7 24
16 49 PERCENTAGE 2 2 14.3 49.0 32.7 100 From the above table 1(2%)
is Strongly Disagree, 1(2%) Disagree, 7(14.3%) are undecided, 24(49%)
Agree, 16(32.7) Strongly Agree. MODEL L=
0+1x1+2x2+33+4x4+E1` The hypothesis is stated thus 91
92. 92. H0: Good relationship management does not have any relationship
with customers loyalty. H1: Good relationship management has a
relationship with customers loyalty. From the regression table 4.3, it
shows that relationship management has a positive Beta coefficient of
(.967) and with .002 level of significances. .002 is less than .005 and this
makes it significant. DECISION Since relationship management has a
figure of .002 which is significant. We accept alternate hypothesis (H1)
and reject null hypothesis (H0). TESTING HYPOTHESIS 3 The
hypothesis was tested with research question 1 which states To what
degree do customer customers loyalty? 92 retention programs affect
93. 93. This hypothesis was tested with the under listed questions Q1:
Company open doors to customers complaint on service delivery.
Strongly Disagree Disagree Undecided Agree Strongly Agree Total
FREQUENCY 0 0 0 26 21 49 PERCENTAGE 0 0 4.1 53.1 42.9 100 From
the above table 0(0%) Strongly disagree 0(0%) Disagree, 2(4.1%) were
Undecided, 26(53.1) agrees while 21(42.9%) strongly agree. Q2:
Company has a good pricing system and service change. Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
0 2 3 33 11 49 93 PERCENTAGE 0 4.1 6.1 67.3 22.4 100
94. 94. From the above table 0(0%) Strongly disagree 2(4.1%) Disagree,
3(6.1%) were Undecided, 33(67.3%) agree while 11(22.4%) strongly
agree. Q3: Company shows concern towards customer problem. Strongly
Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY
1 1 6 11 30 49 PERCENTAGE 2.0 2.0 12.2 22.4 61.2 100 The table
above shows 1(2%) Strongly disagree, Disagree 1(2%), 6(12.2%) were
Undecided, 11(22.4%) agree while 30(61.2%) strongly agree. MODEL L=
0+1x1+2x2+33+4x4+E1` The hypothesis is stated thus 94
95. 95. H0: A good customer retention program does not have a significant
relationship with customers loyalty. H1: Good customer retention
programs have a significant relationship with customers loyalty. From the
regression table 4.3 it shows that customer retention has a positive Beta
coefficient of .411 and with .390 level of significance. .390 is greater than
.005 and this makes it insignificant. DECISION Since customer retention
has a figure of .390 which is insignificant. We will accept null hypothesis
(H0) and reject alternate hypothesis (H1). TESTING HYPOTHESIS 4 95
96. 96. This hypothesis was tested with the research question 2 which states
Does customer satisfaction leads to customers loyalty? This hypothesis
was tested with the under listed questions: Q4: Company focuses to meet
customers expectation. Strongly Disagree Disagree Undecided Agree
Strongly Agree Total FREQUENCY 1 1 3 23 21 49 PERCENTAGE 2.0
2.0 6.1 46.9 42.9 100 From the above table 1(2%) Strongly disagree,
1(2%) Disagree, 3(6.1%) undecided, 23 (46.9%), Agree 21(42.9%)
strongly agree. Q5: Company service performance is satisfactory.
Strongly Disagree Disagree FREQUENCY 0 0 96 PERCENTAGE 0 0
97. 97. Undecided Agree Strongly Agree Total 8 15 26 49 16.3 30.6 53.1 100
The table above show 0(0%), strongly disagree, 0(0%), disagree 8
(16.3%) are undecided, 15(30.6%) agree, 26(53.1%) strongly agree. Q6: I
am likely to use their service again Strongly Disagree Disagree
Undecided Agree Strongly Agree Total FREQUENCY 1 7 0 20 21 49
PERCENTAGE 2.0 14.3 0 40.8 42.9 100 From the above table 1(2.0%)
Strongly disagree, 7(14.3%) Disagree, 0(0%) undecided, 20(40.8%)
Agree, 21(42.9%) strongly agree. MODEL L=
0+1x1+2x2+33+4x4+E1` 97
98. 98. The hypothesis is stated thus: H0: Good customer satisfaction
programs does not lead to customers loyalty H1: Good customers
satisfaction programs leads to customers loyalty From the regression
table 4.3 it shows that customers satisfaction has a positive Beta
coefficient of (.747) and with .059 level of significance. .059 is of the
range of .05 and this makes it significant. DECISION Since customers
satisfaction programs has a figure of .059 which is significant. We accept
alternate hypothesis (H1) and reject null hypothesis (H0) 98
99. 99. CHAPTER FIVE DISCUSSION OF FINDINGS, CONCLUSION AND
RECOMMENDATION 5.1 DISCUSSION OF FINDINGS This research
provides both theory development implication for academics and practical
implication. The main contribution to theory development involves the
confirmation of some hypothesized relationships amongst the constructs
of customer relationship management Customer attraction, Customer
retention, Customer satisfaction and Relationship management on
Customers loyalty amongst the Customers of Guaranty Trust Bank. 99
100. 100. In this research primary data was elicited through
questionnaire and simple percentage was use to analyze the questions
and multiple regression analysis was used in testing the entire
hypothesis. The major finding was that amongst all the construct of
Customer relationship management, Customer satisfaction and
Relationship management has greater Impact on Customers Loyalty.
This means when customers are satisfied with an organizations products
and services there is a measure of loyalty that is going to be created. A
good Relationship management program from the firm and its employees
to customers will also create loyalty. The effect of the four antecedent
(i.e., customer attraction, customer retention, customer management )
accounted for 65.9% satisfaction, Relationship (R) variance in customers
loyalty, while 43.5%(R2) of other non-listed variables accounted for the
variance in customers loyalty . 100
101. 101. 5.2 CONCLUSION The main aim of this research was to
understand the Impact of Customer relationship management on
Customers Loyalty in a Commercial Bank using Guaranty Trust Bank,
Asaba. In reviewing the literature for this research it was observed that
the commercial banks in Nigeria are currently competing to gain and
maintain market share. These banks are constantly combating and
devising plans that aim to put them above their rivals. 101
102. 102. For the financial institutions, their main asset are the
customers and therefore these customers are meant to be treated very
well, and in a way that services are structure and tailored to fit the varied
needs of the customers while also providing quality service. In this
modern world CRM have been noted as admirable solution. The research
work shows that relationship management and customer satisfaction has
greater impact on customers loyalty amongst the relational variable of
CRM (i.e. customer attraction, customer retention). However, in order for
a good customer loyalty to be built a good customer satisfaction and
Relationship program should be adopted into the organizations
operation, policy and service delivery. 102
103. 103. 5.3 RECOMMENDATION Based on the result of this study, it
is the opinion of the researcher that the under listed recommendations it
implemented will help in ganging customers loyalty. 1. Customer
satisfaction programs in the organization if adopted will effectively build a
loyalty mindset in the customers which will lead to customer loyalty. 2.
 Relationship management programs from management and employees
will effectively build customers loyalty. 103
104. 104. 5.4 FUTURE RESEARCH Future research is mainly based
on the current limitations. Therefore, future research will seek to
generalize the model developed in this study to other services. 104
105. 105. BIBLIOGRAPHY Abdullateef, A .O, Morhtar, S.S. and Yuseff,
R.Z. (2010): Driver of efficient service Delivery and caller satisfaction: A
Model of CRM Customer contact Cantors in Malaysia: International of
Management Studies. Adeoti-Adekeye, W.B. (1997), Important of
Management Information System: Journal of the Library review 46 (5),
318 327 Aihie .O. and Bennani, A.E (2007). An Exploratory Study of
Implementation of Customer Relationship Management of Strategy
Business Process Management. Journal 13 (1) 2007 pp 139-164.
Alasautari, P. (1998) an introduction to Social Research Sage
Publications: London. Anandarajan; M (2002) Technology acceptance in
the banking industry: A perspective from a less developed country:
Journal of Information technology and people Vol 13 (4), pg 298 312
Arezu .G. and Alieza .O. (2006), Impact of Customer Relationship
Management of Customer Retention: Master thesis: Julea University of
technology, 2006:02 PB: ISSN: 1653 0187 Beck, T. (2005), Bank
privatization and performance: Empirical evidence from Nigerias Journal
of Banking and Finance. 29 (8 9), 2355 2379. Berry, L.L. (1988)
Relationship marketing in Shostack, G.L et al (Eds), Emerging
perspectives, Journal of Marketing Science Vol. 23(A), pp, 236-45. 105
106. 106. Berry, L.L. (1995) Relationship Marketing of Service.
Growing Interest, Emerging Perspectives. Journal of the Academy of
Marketing Science 23(4), 236 - 45. Bryman, A. (1988) Quantity and
Quality in Social Research Union Hyman Ltd London Caruana, A,
(2002) Service loyalty the effect of service loyalty and mediating role of
customer satisfaction European journal of marketing, 36, 7/8, pp 1 2.
Czaja, R. and Blair, J. (2005) Designing Surveys, Pine Forge Press:
London Dwyer F.R. Schurr. P.H, and Oh, S. (1987) Developing Buyer
Seller Relationship. Journal of Marketing 51, 11 27. Eroke, L. (2008)
Between Banks Product and Quantity Service This Day Newspaper Vol
13 (4694), 33 -34. Firpo, Y. (2006), Banking the Embarked Technologys
Royal in Delivering Accessible Financial services to the poor, Samba
Consulting 5. Foss, B. and Stone, M. (2002) CRM in financial services: A
practical Guide to making customer relationship management: Work
Kogan Page Publisher. Fox, T. and Stead .S. (2001) Customer
Relationship Management delivering the bone fits, white paper, CRM
(UK) and SECOR consulting, new Malden Gilbert, D.F, and Buttle, E.D,
(1996), Airlines in Relationship Marketing: Theory and Practice: pp, 131
144, London: Paul Chapman. Graziano, A.M and Raulin, M.L. (2004)
Research Methods: A process of Inquiry Pearson United States of
America. 106
107. 107. Gronroos, C. (2000), Service management and marketing A
customer Relationship management Approach, Wiley, New York, NY.
Gronroos, C. (2001), The perceived service quality concept a mistake?
Managing Service Quality, Vol. 11, No. 3 Gummesson E. (2004) Return
on Relationships (RoR), the Value of Relationship marketing and CRM in
Business to-Business context journal of business and Industrial
Marketing 19 (2), PP, 136-148. Helandar, N. and Hirvonon, P., (2001),
Towards Joint Value Creation Processes in Professional Services The
TQM Magazine Volume 13, Number 4, pp. 281 291 (II) Idowu, P.
 (2002). The Effect of Information Technology on the Growth of the
Banking Industry in Nigeria Journal of Information Systems in Developing
Countries. Vol10 (2), 1 8. Izquierdo, C. and Gilan, J. (2004), Trust as
the key to relational commitment, Journal of Relationship Marketing, 3
(1). Izquierdo, C. and Gilan, J., Gutierrez, S.S (2005) Impact of Customer
Relationship Marketing on Firm Performance: Spanish Case, Journal of
Services Marketing 1914 234 244 Johan and Fredrick (2002)
Customer Relationship Management 2002: 016 SHU. ISSN: 1404
5508 Jorgensen, N (2001). A contingency model for the companys use
of relationship building, 17 the IMP Conference Kottler .P. and Keller .K.
(2006). Marketing Management. 12edition. USA, ISBN 0 13 145757
8 107
108. 108. Kumar, U and Peterson, A (2005) Using a customer level
marketing strategy to enhance firm performance: A Review of Theoretical
and Empirical Evidence, Journal of the Academy of Marketing Science, 4
(4), 507 516 Levitt (1983), After Sales is over... Harvard Business
Review, 101- 61, No. 2, pp-81-93. Liljander, .V. and Strandvik, T. (1995)
The Nature of Customer Relationship in Services, Swart, Teresa A,
David E, Bowen and Stephen W. Brown (eds), Advances in Services
Marketing and Management, Volume 4, London: JAI Press Inc. Morgan,
R. and Hunt .S. (1994), The Commitment trust theory of relationship
marketing Journal of Marketing, Vol. 58, July, pp. 20 38 Nigeria
Banking, Finance, and other services The library of congress studies CIA
World Fact book (1991). O Malley, L. and Tynam .C. (2000)
Relationship marketing on consumer markets Rhetoric or reality. Oboh,
G.A.T (2005) Developing an ICT based delivery in the Nigerian Banking
Industry. Union Bank Experience Union Digest Vol.9 (1) Pg 1 -11.
Olannye, P.A (2006) Research Methods for Business: A skill Building
Approach, Peejan Publication. Lagos. Opara, B.C. Ayopo.O.O, Darogo.
W. M. (2010), Analysis of Impact of Technology on Relationship
marketing orientation and Bank performance. European Journal of
Scientific Research ISSN 1450-216x 101.45 no 2 (2010), Pp, 291-300.
Oppenhein, A.N (1992). Questionnaire Design, interviewing and Attitude
Measurement London: Printer. Ossel, G. and Gemmel, P. Looy, B.
(2003), Service management an integrated approach; Prentice Hall
Press. 108
109. 109. Panda, T. (2003) Creating Customer life Time Value through
effective CRM in financial services industry Journal of services Research
. Pantea, P.J (2008) Impact of Customer Relationship Management on
Market Performance: Master thesis: Lulen University of technology: 2008:
0085 ISSN: 1658 0187. Parasuraman, A, Zelthaml, Valarie A. Barry,
Leonard L, (1991), Retirement and Reassessment of the SERVQUAL
Scale. Journal of Retailing Vol.67. Peppard, J. (2000) Customer
Relationship Management (CRM) in financial service European
management Journal Vol 18 (3), Pg 312 327. Petra, P. (2004)
Customer Relationship management and How a CRM System can be
used in the Sales Process 2004. 124 (IV. ISSN: 1402 1617. ISRN: LTU
EX 041121 SE-LUTH. Polkinghorne, D. (1983) Methodology for the
Human Science. State University of New York Press Albany. Rauyren,
P. (2005). Relationship Quantity as a predictor of B2B Customer
Loyalty. IMP Group Journal. Ravald, A and Gronroos C. (1996) The
Value Concept and relationship marketing, European Journal of
Marketing, Innovations Linking purchases, Services recovery, Vol. 30 No.
2, pp, 19 30. Reinartz, W. and Kumar .V. (2002) The mismanagement
 of customer loyalty Harvard Business review, (July), pp. 86 97. Rogers,
M. (2005), Customer strategy observation from the ranched Journal of
Marketing 69,262-263. Roya .A. and Salmiah M. (2010), The Customer
Relationship Management Strategies: Personal needs assessment of
Training and Customer turnover 14, Number 1 (2010). 109
110. 110. Sheth, J.N AND Parvatiyar .A. (1992) Towards a Theory of
Business Alliance formation Scandinavian International Business
Review, 1 (3) 17 - 7 Sheth, J.N. (2002), The Future of Relationship
Marketing Journal of Service Marketing Vol16, No. 7, pp 590 592 Taria,
M.A (2005) Internet and Customer Relationship management in SMEs
2005: 087 SHU ISSN: 1404 5508 ISRN: LTU SHU EX
051087. LUTH Umar, S.D (2005) Implications of Technological
Innovations in the banking industry Paper and proceedings of the Bank
Directors Seminar pg 82 91. Usman, S. (1990) Responses of the
Finance Sector to Environmental changes:-Past, Present and Future
Innovation, Technology and the Nigerian Finance Sector pg 30 37.
Werner, R. Manfred, K. Wayne, D. (2004), The Customer Relationship
Management Process Journal of Marketing Research: Vol XLI August
2002. 110